The difference in rod bolt size makes a large difference in strength. The area of a 7/16" bolt compared to a 3/8" is 26.53% larger.
The area of 3/8" = 0.110447, and 7/16" = 0.15033.
If using a 8740, 180,000 PSI bolt, the tensile strengths are 3/8" = 19,880 lbs, the 7/16" = 27,059 lbs
Also, don't confuse PSI with 1" diameter which only has an area of 0.785398 , or using the 180,000 PSI, the 1" diameter bolt strength is 141,371 lbs
Since each cap has two screws/bolts, the combination of 7/16" bolts is 53% stronger than the 3/8" bolts just because of the size difference.
So if using 3/8" bolts, and the ARP 2000 material rated at 220,000 psi the 3/8" bolt strength would come closer at 24,298 lbs
and using L19 or the other 260,000 psi materials, you could slightly exceed the 7/16" 8740 material strength with the 3/8" being 28,716 lbs